KARACHI: Data released from the State Bank of Pakistan on Tuesday revealed the foreign direct investment in Pakistan had recorded a 2.4 percent increase in 10 months of the ongoing financial year 2017-18, touching $2.237 billion.

The rise comes in the wake of energy and construction projects, but FDI flows declined to $143.7 million in April from $179.7 million in the same period last year (SPLY).

The government sees net FDI to touch $3.7 billion by end of the financial year 2017-18.

And FDI was recorded at $2.746 billion during FY18 as opposed to $2.305 billion last year.

Data from the SBP disclosed China was the predominant force for direct investment in the country with inflows of $1.414 billion in FDI from Chinese firms during first 10 months of FY 2017-18 compared to $934.8 billion in SPLY.

Power sector inflows increased to $749.9 million for the first 10 months of FY 2017-18 from $514.5 in the corresponding period last year.

Construction sector related FDI inflows were recorded at $621.7 million for July-April of FY 2017-18 compared to $262.4 million in the same period of the last financial year 2016-17.

Financial, oil and gas direct investments remain subdued for the period under review and foreign companies invested $271.5 million in the country’s banking sector against $252.9 million a year ago.

Exploration and production FDI was recorded at $164 million in July-April FY 2017-18 against $107.8 million for July-April FY 2016-17.

Interestingly, foreign portfolio investment at the Pakistan Stock Exchanged witnessed an outflow of $110.8 million during first 10 months of the ongoing financial year against $368.3 million in SPLY.

The SBP’s data revealed that total foreign investment increased 64.7 percent to $4.577 billion in 10 months of FY18.